Tax e-Filing: New banks added for online tax payments via e-pay tax service; check details

The Income Tax Department has recently updated the list of banks that are available for tax payments through the e-pay tax service on the e-filing portal. The updated list now includes a total of 30 banks, which consist of both newly onboarded and migrated banks.

The Income Tax Department has expanded its partnership with several banks to offer enhanced tax payment services. Taxpayers can now conveniently settle their regular income tax, advance tax, and other tax liabilities through the e-pay tax service using online payment methods provided by these banks.

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Among the newly added banks are Bandhan Bank, Citi Union Bank, DCB Bank, Federal Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Karnataka Bank, RBL Bank, South Indian Bank, Dhanlaxmi Bank, IDFC First Bank, and Tamilnad Mercantile Bank Ltd. In addition to these 13 banks, there are 17 other banks that have been migrated and are now enabled to accept tax payments through the e-pay tax service.

E-filing of taxes

E-filing refers to the digital completion of all processes for submitting a tax return. To e-file a tax return, a taxpayer must have PAN-based login credentials.

Taxpayers have various payment options available, such as net banking, debit/credit cards, UPI, and payment at a bank counter, for tax payments.

To file income tax return (ITR) online:

Step 1: Visit the official income tax e-filing website and click on ‘Login’.

Enter your PAN in the User ID section.

Click on ‘Continue’ and enter your password.

Click on ‘Continue’ to log in.

Step 2: Go to ‘File Income Tax Return’.

Click on the ‘e-File’ tab > ‘Income Tax Returns’ > ‘File Income Tax Return’.

Step 3: Select the Right ‘Assessment Year’

Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Use the mode of filing as ‘Online’. Select the filing type as either original return or revised return.

Step 4: Choose Your Filing Status
Choose your appropriate filing status: Individual, HUF, or Others. For most individuals, select 'Individual' and click 'Continue'.

Step 5: Select the Type of ITR Form
Select the ITR form that corresponds to your sources of income. There are 7 ITR forms available, with ITR 1 to 4 suitable for Individuals and HUFs.

Step 6: Specify the Reason for Filing ITR
Indicate the reason for filing your returns, such as having taxable income exceeding the exemption limit or meeting specific criteria.

Step 7: Confirm Pre-populated Information

Confirm the accuracy of pre-populated information including PAN, Aadhaar number, name, contact details, and bank information. Verify your income, exemptions, and deductions.

Step 8: Finalise your return

Finalise your return within the specified timeframe of 30 days. You can verify by using e-verification methods such as Aadhaar OTP, Electronic Verification Code (EVC), Net Banking, or by submitting a physical copy of ITR-V to CPC, Bengaluru.